CargoWise One’s accounting functions support the complex needs of the freight industry.
The accounting modules are fully integrated into the single platform. This makes for higher productivity and renders clunky integrations enterprise software obsolete.
The CargoWise One accounting system uses the same master data management system as the platform's other operations. This means data is transferred instantaneously from module to module, eliminating unnecessary rekeying.
CargoWise One’s accounting modules are fully configurable and customizable. The functions are able to respond to complex business scenarios that arise while doing business in the logistics industry. CargoWise One’s accounting system can be configured to support individual business processes; business processes do not have to change to accommodate CargoWise One.
Job billings and costings
CargoWise One has an integrated billing and costing engine. It integrates seamlessly with operations, standard selling rates, and supplier costing data.
The modules’ integration extends to the general ledger as well. Revenue recognition controls can help recognize profit when services are completed, rather than when transactions are posted.
The CargoWise One billing system ties in with customer and tax configurations. This means invoice terms, tax treatments, job details, and invoice presentation are always correct. Operators can escalate problems if customer accounts are out of control due to over balance or late payment.
Using CargoWise One can speed up the invoice-to-cash process. The platform features a range of management capabilities including:
- Ageing reports for ongoing monitoring
- Statement runs
- Reminder letters
- Collection call logging
- Customer claim and dispute management functions
The system also includes B2B electronic capabilities with universal messaging architecture. There is also local compliance e-invoicing for an increasing number of countries.
CargoWise One’s accounting module also enables straight-through processing for invoices. The system matches standard accruals and highlights invoices that need further attention.
CargoWise One provides full visibility over payments processes. It also includes many industry-standard capabilities such as CASS (Cargo Accounts Settlement Systems) invoice processing. There is also automated dispute management for CASS invoices that do not match estimates.
Also, CargoWise One includes an integrated cash book to help reconcile bank accounts with books. It includes automated functionality to facilitate the matching process.
CargoWise One includes extensive general ledger capabilities including:
- Foreign currency controls and revaluations
- Intelligent sub-account classifications
- Mapping to local compliance charts of account
- Unlimited additional reporting representation ledgers
Because the system is fully integrated, all sub-ledger transactions are automatically posted into the general ledger.
The CargoWise One accounting system includes more than 150 out-of-the-box reports. They range from standard sub-ledger ageing and general ledger reports to complex management accounting analysis reports. The profitability of every job can be easily assessed.
CargoWise One enables the issuance of invoices with the correct tax treatment, no matter what country you’re working in.
The platform’s accounting compliance capabilities are built as global architectures, adapted to suit local needs. CargoWise One includes a tax determination engine that uses data already in the system. The engine determines the type of tax that should apply, the rate of tax, sub-class of tax, and any required invoice explanations.
Further, CargoWise One automatically classifies invoices according to local rules for many countries. It also provides separate number sequences for these special invoice sub-classifications.
Also, the system features fiscal reporting for a number of countries. Reporting is based on data already entered in the system.
Inter-agent invoicing transactions
CargoWise One's Netting Center combines multiple transactions into one net payment stream. It automates the time-intensive, manual process of matching balances and reconciling invoices.
This feature can slash the number of payments and foreign currency trades from thousands to a handful each month.